Need rental fix rate financing w/out seasoning

[Gene Belaval]

Good day Bigger Pockets,

I purchased a small 2/2 condo unit in Homestead, Florida off the Dade County court house and I am in need of financing. I have the option to fix and flip but I would like to keep this unit. Property was purchased well below market, rentals in that community are quite strong so it would probably be best to keep it.

Looking for a lender that does not have a seasoning period and able to finance 20 or 30 year fixed. Need to get my money back out.

An help finding a lender would be greatly appreciated.

Thanks!

Gene

[Chris Mason]

Originally posted by @Gene Belaval:

Chris, I funded the deal out of pocket.
Property was purchased by a Corp I formed and funded.

 If it was a true all cash purchase as you describe (expect the underwriter to want to see the bank statement from the month you bought it, and the month before), the Fannie Mae Delayed Financing Exception may apply, and there is no seasoning period per Fannie. It's an exception to the seasoning requirement, hence the name. The exception was carved out specifically because folks able to purchase all cash are generally lower risk, and there ain't nothing Fannie loves more than low risk loans.

Your task to accomplish that may involve a little "dialing for dollars" on your part. In this case, I'd suggest calling local lenders and just seeing if they can spell "Delayed Financing Exception" without the use of spell check or Google, and furthermore if they can speak intelligently on the subject. If they can't, no reason to continue the conversation. I'm guessing the first 5 or 7 calls will be less than 60 seconds for this reason. Next thing is overlays. Lenders frequently have an overlay that essentially prohibits it.

@Melvin List is down in your area, he may be able to help.